Report Committee of Conference
H. 521 Relating to Miscellaneous Substantive Tax Amendments 2015
Report Committee of Conference
TO THE SENATE AND HOUSE OF REPRESENTATIVES:
The Committee of Conference, to which were referred the disagreeing votes of the two Houses upon House Bill, entitled:
H. 521. AN ACT RELATING TO MISCELLANEOUS SUBSTANTIVE TAX AMENDMENTS
Respectfully report that they have met and considered the same and recommend that
The Senate recede from its Second (grandfathering), Fifth (Act 185/proration rules), Eighth (local option taxes) proposals of amendment; and Ninth (tax increment financing);
The House accede to the First (affordable housing valuation), Third (VEGI), Fourth ("Downtown" credits), Sixth (aircraft parts), Seventh (affordable housing land gains exemption), and Tenth (effective dates) proposals of amendment;
and that the bill be further amended as follows:
* * *Appraisal of Affordable Housing Rental Property
Limitation to the Portion of the Property which is Subsidized Housing***
First: By adding Sec. 1a to read:
Sec. 1a. EFFECTIVE DATE
Sec. 1 of this act (grand list valuation of affordable rental housing) shall apply to grand lists of April 1, 2007, and after.
* * *Grandfathering Limited to § 3483 Properties;
Exemption Study* * *
Second: By adding Sec. 11 to read:
Sec. 11. EXEMPTION FROM EDUCATION PROPERTY TAX THROUGH
JUNE 30, 2008
Property tax exemptions authorized under the provisions of 32 V.S.A.
§ 3843 before July 1, 1997, and still in effect on June 30, 2007, shall be deemed to be exemptions affecting the education property tax grand list through June 30, 2008.
* * *Act 185/Real Estate Closing Adjustments* * *
Third: By adding Sec. 24 to read:
Sec. 24. CASH PAYMENT OF PROPERTY TAX ADJUSTMENTS FOR
2007 REAL ESTATE CLOSINGS
For 2007 only, notwithstanding any other provision of law, for a residence transferred after March 31 and before June 21, 2007, if the transferor notifies the commissioner of taxes of the transfer, in writing, no later than 4:30 p.m. on June 20, 2007, and includes with the notice a copy of the property transfer tax return and proof of payment of the property transfer tax, the transferor's Social Security number, the property's school parcel account number, and any additional information which the commissioner may request the commissioner shall not notify the municipality of a property tax adjustment amount for the property, and the commissioner shall pay the property tax adjustment amount to the transferor by July 15, 2007.
* * *Aircraft Parts/Education, Sunset, Study; Sales Tax Included* * *
Fourth: In Sec. 7, in the last line of 32 V.S.A. § 9741(29), by striking the word "an" and inserting in lieu thereof the word "any"
and by adding Secs. 7a and 7b to read:
Sec. 7a. 32 V.S.A. § 9741(29) is amended to read:
(29) Aircraft sold to a person which holds itself
out to the general public as engaging in air commerce, for use primarily in the
carriage of persons or property for compensation or hire; and parts, machinery,
and equipment to be installed in
any such aircraft.
Sec. 7b. EFFECTIVE DATE
Sec. 7a of this act (amendment of sales tax exemption for aircraft parts) shall take effect July 1, 2011.
* * *Affordable Housing Land Gains/
Limited to Affordable Housing* * *
Fifth: In Sec. 26, in the first paragraph of subsection §10002(o), after the words "within 12 months of the transfer to the organization to a buyer", by inserting ", qualified under an affordable housing program," and in subdivisions (o)(1) and (o)(2), before the first instance of the word "buyer" in each subdivision, by inserting "qualified"
Sixth: In Sec. 9, by striking the words "as provided in Secs. 22, 28 and 38" and inserting in lieu thereof "as provided in Secs. 1a, 7b, 22 and 28"
James Condos Michael Obuchowski
Committee on the part of the Senate Committee on the part of the House
The Vermont General Assembly
115 State Street